Personal income growth slows in Virginia

Published December 19, 2013 by Robert Powell, III

State personal income in Virginia grew only 0.6 percent in the third quarter, nearly half the growth rate of the nation as whole.

The U.S. Bureau of Economic Analysis said Thursday that Virginia ranked 48th of the 50 states in personal income growth during the three-month (July-September) period.

The national growth rate during the quarter was 1.1 percent.

The BEA defines personal income as income received by all persons from all sources.

Personal income totaled $404.8 billion at the end of the third quarter, compared with $402.4 billion at the end of the second quarter (April-June).

The Old Dominion’s personal income dropped 1.2 percent in the first quarter and rose 0.7 percent in the second quarter.

Virginia was among 25 states in which personal income slowed during the third quarter.

Growth accelerated in 22 states and was unchanged in three.